Legal Question in Wills and Trusts in New York
My mother had ITF bank accounts for both my sister and I in: Chase Bank New York. When she became ill, she gave me Power of Attorney to pay her bills and conduct financials. After she passed away, the bank accounts are still reading me as POA, (even though I know my authority ended when she died). Now the bank tells me her account(s) are just in her name alone. The bank accounts are not returned to her initial wishes as ITF's. I have called their legal department and requested as to why the bank opted to just indicate her name alone. No one at the bank seems to answer me or retore the accounts as my Mothers wishes. I am also executor to my mother's estate.
What should I do?
Thank you
1 Answer from Attorneys
When someone has a POA, that should not mean that ITF designations are removed.
If the bank's legal department is not responding to you, you should consult an attorney and have him or her contact the bank.
Accounts that pass through a beneficiary designation pass outside of the probate estate, and this may have tax consequences or other impacts on your mother's estate planning and wishes.
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